The company needs to give us news that encourages us to hold or it is going to be a long and slow grind at each price level as people cut their losses. a date, contracts, revenue, or regular updates as to where we are or how far we are from getting them.
Title: Australia Selects U.S. Navy's MH-60R SEAHAWK (R) Helicopter for AIR 9000 Phase 8 Program
Date(s): 16-Jun-2011 10:42 AM
For a complete listing of our news releases, please click here WASHINGTON, June 16, 2011 /PRNewswire via COMTEX/ --The U.S. Navy today announced the Commonwealth of Australia has selected the MH-60R SEAHAWK? helicopter to fulfill the Australian Defence Force's AIR 9000 Phase 8 requirement for a fleet of 24 new-generation, multi-role naval combat aircraft. The Commonwealth will acquire the helicopters with associated training and logistical support via the U.S. Government's Foreign Military Sales program.
"The companies that comprise Team Romeo are honored by the Commonwealth's choice of the MH-60R Romeo helicopter to protect Australia's maritime interests," said Mick Maurer, president of Sikorsky Military Systems. "We look forward to collaborating with the Royal Australian Navy and local industry across Australia as we build and integrate these proven SEAHAWK aircraft."
Team Romeo principals Sikorsky Aircraft Corp., a subsidiary of United Technologies Corp. (NYSE: UTX) and Lockheed Martin (NYSE: LMT) have co-developed and delivered maritime helicopters for the U.S. Navy for more than 35 years. They are teamed with engine manufacturer GE Aviation, sonar and sensor provider Raytheon Company, and training and simulator provider CAE for the Phase 8 competition. In addition to delivering Romeo helicopters, the team plans to bring long-term jobs and work opportunities to Australian industry valued at $1.5 billion over 10 years.
"The MH-60R helicopter is a sophisticated sensor platform that has proven its ability to protect the U.S. fleet from submarines, ships and fast attack boats," said Dan Spoor, Lockheed Martin Aviation Systems vice president. "We are committed to providing the Australian fleet with the same advanced capabilities, as the U.S. Navy continues its investment in the aircraft."
The Commonwealth of Australia this week signed the Letter of Acceptance, a formal agreement with the U.S. Navy. The Letter of Acceptance marks the first-ever purchase of the U.S. Navy's MH-60R helicopter outside the United States. The Royal Australian Navy is expected to take delivery of the first two MH-60R helicopters in 2014.
Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's 2010 sales from continuing operations were $45.8 billion.
Sikorsky Aircraft Corp., based in Stratford, Conn., is a world leader in helicopter design, manufacture and service. Its parent company, United Technologies Corp., based in Hartford, Conn., provides a broad range of high technology products and support services to the aerospace and building systems industries.
This press release contains forward-looking statements concerning potential production and sale of helicopters. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in government procurement priorities and practices, budget plans or availability of funding or in the number of aircraft to be built; challenges in the design, development, production and support of advanced technologies; as well as other risks and uncertainties, including but not limited to those detailed from time to time in United Technologies Corporation's Securities and Exchange Commission filings.
QHL Price at posting:
26.7¢ Sentiment: LT Buy Disclosure: Held
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